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Long-Term Debt
9 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt

 

10.  Long-Term Debt

Debt Obligations

The following table presents the total balances outstanding for UNIFI’s debt obligations, their scheduled maturity dates and the weighted average interest rates for borrowings as well as the applicable current portion of long-term debt:

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Scheduled

 

Interest Rate as of

 

 

Principal Amounts as of

 

 

 

Maturity Date

 

March 31, 2019

 

 

March 31, 2019

 

 

June 24, 2018

 

ABL Revolver

 

December 2023

 

3.7%

 

 

$

24,000

 

 

$

28,100

 

ABL Term Loan (1)

 

December 2023

 

3.3%

 

 

 

100,000

 

 

 

85,000

 

Capital lease obligations

 

(2)

 

3.9%

 

 

 

12,879

 

 

 

18,107

 

Total debt

 

 

 

 

 

 

 

 

136,879

 

 

 

131,207

 

Current portion of capital lease obligations

 

 

 

 

 

 

 

 

(6,054

)

 

 

(6,996

)

Current portion of other long-term debt

 

 

 

 

 

 

 

 

(10,000

)

 

 

(10,000

)

Unamortized debt issuance costs

 

 

 

 

 

 

 

 

(1,021

)

 

 

(658

)

Total long-term debt

 

 

 

 

 

 

 

$

119,804

 

 

$

113,553

 

 

(1)

Includes the effects of interest rate swaps.

(2)

Scheduled maturity dates for capital lease obligations range from August 2019 to November 2027.

ABL Facility

On December 18, 2018, Unifi, Inc. and certain of its subsidiaries entered into a Third Amendment to Amended and Restated Credit Agreement and Second Amendment to Amended and Restated Guaranty and Security Agreement (the “2018 Amendment”).  The 2018 Amendment amended the Amended and Restated Credit Agreement, dated as of March 26, 2015, among Unifi, Inc. and a syndicate of lenders, as previously amended (as further amended by the 2018 Amendment, the “Credit Agreement”).  The Credit Agreement provides for a $200,000 senior secured credit facility (the “ABL Facility”), including  a $100,000 revolving credit facility (the “ABL Revolver”) and a term loan that can be reset up to a maximum amount of $100,000, once per fiscal year, if certain conditions are met (the “ABL Term Loan”). The ABL Facility has a maturity date of December 18, 2023.

The 2018 Amendment made the following changes to the Credit Agreement, among others: (i) extended the Maturity Date from March 26, 2020 to December 18, 2023, and (ii) decreased the Applicable Margin pricing structure for Base Rate Loans and LIBOR Rate Loans by 25 basis points.  In addition, in connection with the 2018 Amendment, the principal amount of the Term Loan was reset from $80,000 to $100,000.  Net proceeds from this Term Loan reset were used to pay down the amount outstanding on the ABL Revolver.  

Scheduled Debt Maturities

The following table presents the scheduled maturities of UNIFI’s outstanding debt obligations for the remainder of fiscal 2019, the following four fiscal years and thereafter:

 

 

 

Fiscal 2019

 

 

Fiscal 2020

 

 

Fiscal 2021

 

 

Fiscal 2022

 

 

Fiscal 2023

 

 

Thereafter

 

ABL Revolver

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

24,000

 

ABL Term Loan

 

 

2,500

 

 

 

10,000

 

 

 

10,000

 

 

 

10,000

 

 

 

10,000

 

 

 

57,500

 

Capital lease obligations

 

 

1,704

 

 

 

5,559

 

 

 

2,633

 

 

 

2,417

 

 

 

90

 

 

 

476

 

Total

 

$

4,204

 

 

$

15,559

 

 

$

12,633

 

 

$

12,417

 

 

$

10,090

 

 

$

81,976